Word: sells
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...loss could potentially be much bigger. Current rules require banks to hold assets that trade on their books at the value they would fetch if a bank had to sell them to another investor. Loans typically don't trade, so the rule typically only applies to stocks or bonds a bank might happen...
...loans start trading more regularly because of the government's PPIP program, the banks would have submit those loans to so-called mark-to-market rules. That means the banks would have to take a write-down not just on the mortgage loans they sell, and get cash for, but on all of the mortgage loans on their books. Banks hold about $3.5 trillion in mortgage loans. So having to mark all those loans down $0.21, not just the ones that are sold, would be disastrous. (Read "Geitherner's Bank Plan: Only a Partial Solution...
...Earlier this month, though, the Financial Accounting Standard Board proposed a change to bookkeeping rules that would allow banks to characterize these loan sales as "distressed." That would allow banks to continue to claim they could get more for the loans they have yet to sell once this whole global financial crisis thing finally blows over...
...Blagojevich. The already unpopular Illinois governor was caught in a federal investigation over his alleged attempts to sell a U.S. Senate seat. Apparently, that's not kosher...
...more billions being handed to Detroit, gave Chrysler 30 days to strike a partnership with Fiat and GM 60 days to avoid bankruptcy court. Rattner will have to browbeat intransigent bondholders. Bloom will have to force major benefit cuts on the unions. And both will have to sell management on a radical reordering of their companies, one in which both capital and labor take a serious hit in order to keep the machine running...